The Sub-Committee of the Public Accounts Committee (PAC) Tuesday unanimously opposed the privatization of Heavy Electrical Complex (HEC) Taxila observing that it was now earning profit.
The committee, which met here with Syed Naveed Qamar in the chair, discussed the audit paras of Ministry of Industries and Production for the fiscal year of 2002-03. Committee members Mian Abdul Manan and Dr Darshan attended the meeting.
During the meeting, an audit official told the committee that Heavy Mechanical Complex (Taxila), Pakistan Machine Tool Factory (PMTF) Karachi and HEC had not made payment of interest to the State Engineering Corporation (SEC).
To this, Secretary Industries Khizer Hayyat Gondal informed the committee that the three organizations were reviving now and would be especially very helpful in the early completion of the China-Pakistan Economic Corridor (CPEC).
SEC Chairman Kukab Mohyuddin briefed the members that the HEC had earned around Rs 46 million from July-2015 to April-2016 and its performance also increased up to 166 per cent during the last year.
He said the unfortunately HEC was included in the privatization list after one year of its establishment which was a real hurdle in its progress and barring them from doing agreements with private companies and banks. It should not be privatized as it was also producing transformers at economical prices.
MNA Mian Abdul Manan observed that the three departments were national assets and should not be privatized. He appreciated their heads for making the departments profitable again.
The committee also constituted a fact finding committee and sought a report from the Secretary Industries within 30 days about the land and privatization proceeds of Surraj Ghee Industries Limited and Bengal Ghee Industries Limited.